MOSCOW, November 28 - RAPSI, Alyona Yegorova. An ore mining and processing company and a major insurer may reach a settlement in a $10.5 million dispute, he Russian Legal Information Agency (RAPSI) reports from the courtroom.

"We are discussing a settlement agreement with the plaintiff," AlfaStrakhovanie said on Monday. The company asked the court to delay the hearing to allow the parties time to verify their calculations and reach a compromise.

The Lebedinsky Ore Mining and Processing Enterprise, which filed the lawsuit, did not object.

The judge scheduled the next hearing for December 16.

According to the plaintiff, the statement of claim is just a technical step as the company hopes to settle the dispute soon and receive due compensation. The lawsuit was filed after insured equipment failed in 2009, which resulted in economic losses due to idle time and repairs.

The Lebedinsky Ore Mining and Processing Enterprise is the largest iron ore producer and processor in Russia. It is part of the Metalloinvest holding company, which controls mining and metal assets in Russia. Its shareholders are Alishwer Usmanov (50 percent through Gallagher), Vasiliy Anisimov (20 percent) and Andrey Skoch (30 percent).

AlfaStrakhovanie is part of the Alfa Group and offers over 100 types of insurance services, including life and accident insurance. It has more than 390 offices all over Russia.